India to emerge as a global plant-based food supplier
Plant Based Foods Industry Association (PBFIA) and EY India released a joint report according to which, India stands a great chance at becoming global plant-based food supplier in the next few years.
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The Plant Based Foods Industry Association (PBFIA) and EY India released a joint report- “Plant-based foods landscape-navigating challenges and opportunities”. According to the report, global plant-based food market is expected to reach US$162 billion by 2030 from US$29.4 billion in 2020 with a CAGR of 18.60% from 2020 to 2030.
With diverse agriculture and abundant raw material availability such as legumes, vegetables, cereals and fruits, India is projected to be a feeding bowl to the world in the next few years. Although the country needs to address a few challenges like improvement in the taste and texture of plant-based protein sources, increasing awareness and education about plant based protein along with addressing issues like limited availability, production and processing etc.
Sanjay Sethi, Executive Director, PBFIA stated, “India has the potential to become a major supplier of plant-based proteins globally. It is critical for India to fully embrace and engage in this expanding industry, seeking cost-effective supply sources and developing an innovative environment”,
Amit Vatsyayan, Leader GPS-Agriculture, Livelihood, Social and Skills, EY India said, “The world is grappling with the problems of hunger, malnutrition and climate change. Plant-based foods are emerging as a substitute that not only addresses these challenges but also provides a range of business opportunities”.
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